ASSIGNMENT AND ASSUMPTION AGREEMENT

EXHIBIT 8(i)(3)

Assignment and Assumption PBL to Monumental Life (Columbia Funds)

ASSIGNMENT AND ASSUMPTION AGREEMENT

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (the “Agreement”) is made as of October 1, 2007 by and among Peoples Benefit Life Insurance Company (“Peoples”), Monumental Life Insurance Company (“Monumental”), Transamerica Life Insurance Company (“TLIC”), Transamerica Financial Life Insurance Company (‘TFLIC”), and Transamerica Occidental Life Insurance Company (together with TLIC and TFLIC, “Transamerica”), and Columbia Funds Variable Insurance Trust (the “Fund”), Columbia Management. Advisors, LLC (“CMA”), and Columbia Management Distributors, Inc, (together with the Fund and CMA, “Columbia”).

W I T N E S S E T H    T H A T:

WHEREAS, Transamerica, Peoples and Columbia are parties to the certain participation Agreement dated May 1, 2007, as amended (the “Participation Agreement”):

WHEREAS, Peoples has merged into Monumental;

WHEREAS, Peoples would like to assign its duties and obligations under the Participation Agreement to Monumental.

WHEREAS, Monumental has agreed to accept such assignment and to assume Peoples’ duties and obligations under the Participation Agreement; and

WHEREAS, Section 12.8. of the Participation Agreement requires the written consent of all parties to the Participation Agreement to assign any of the rights and obligations thereunder, and Transamerica and Columbia hereby consent to such assignment.

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the data first above written.

PEOPLES BENEFIT LIFE INSURANCE COMPANY						MONUMENTAL LIFE INSURANCE COMPANY
By:		/s/ Xxxxx X. Xxxxx				By:		/s/ Xxxxx X. Xxxxx
Name:		Xxxxx X. Xxxxx				Name:		Xxxxx X. Xxxxx
Title:		Assistant Secretary				Title:		Assistant Secretary
TRANSAMERICA LIFE INSURANCE COMPANY						TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY
By:		/s/ Xxxxx X. Xxxxx				By:		/s/ Xxxxx X. Xxxxx
Name:		Xxxxx X. Xxxxx				Name:		Xxxxx X. Xxxxx
Title:		Assistant Secretary				Title:		Assistant Secretary
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
By:		/s/ Xxxxx X. Xxxxx
Name:		Xxxxx X. Xxxxx
Title:		Assistant Secretary
COLUMBIA MANAGEMENT DISTRIBUTORS, INC.						COLUMBIA FUNDS VARIABLE INSURANCE TRUST
By:		/s/ Xxxx Xxx Xxxxx				By:		/s/ Xxxxx X. Xxxxxx
Name:		Xxxx Xxx Xxxxx				Name:		Xxxxx X. Xxxxxx
Title:		Managing Director				Title:		President
COLUMBIA MANAGEMENT ADVISORS, LLC
By:		/s/ Xxxx Xxx Xxxxx
Name:		Xxxx Xxx Xxxxx
Title:		Managing Director

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